IWM is the one index to keep an eye on going forward over the next few weeks. You can see from the chart below that price is currently just above a sideaways trend channel and a break below about 170 could send IWM down 20-25 points in a matter of weeks. IWM - Intermediate Term The best bang for the buck remains in the Jun $175P, just barely above purchased price but with huge potential once the next leg down commences. These puts have been as high as 8.70, +75.76%, but the chart pattern reveals much more downside potential before Jun monthly expiration. A break below the current sideways channel may trigger further add-on put positions, either in Jun 16th or July 21st expiration. Stay tuned.
